The Naira free-fall against the US Dollar continued in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, June 18, losing 0.24 per cent or N3.23 to trade at N1,363.30/$1 compared with the previous day’s N1,360.07/$1.
However, the domestic currency appreciated against the Pound Sterling in the official market during the session by N19.12 to trade at N1,805.69/£1 versus midweek’s N1,824.81/£1, and gained N12.89 on the Euro to sell at N1,565.07/€1, in contrast to the preceding day’s N1,577.96/€1.
At the GTBank FX counter, the Naira lost N1 against the Dollar to trade at N1,373/$1 versus Wednesday’s closing rate of N1,372/$1, and at the black market, it remained unchanged at N1,385/$1.
Tightness in FX liquidity continued to pressure the local currency, contributing to a decline in the official exchange rate due to rising demand for foreign payments.
Analysts also attribute the market liquidity dynamics to the lack of substantial Open Market Operation (OMO) bill positioning by foreign portfolio investors, who are key sources of hard currency inflows for the Central Bank of Nigeria (CBN).
The apex bank’s daily FX report revealed that interbank FX turnover increased to $69.918 million across 85 interbank transactions, up from $54.293 million the previous day.
As for the cryptocurrency market, Bitcoin (BTC) traded below $63,000 after losing 1.7 per cent to close at $62,742.28 on Thursday, as risk assets sold off worldwide, erasing the gains it made earlier in the week on the back of the US-Iran peace deal.
The pressure came from a wider retreat in markets as shipping through the Strait of Hormuz returned to normal under the signed US-Iran deal and eased what had been a historic supply shock.
Attention now turns to talks over Iran’s nuclear programme, with Vice President JD Vance saying a 60-day clock to settle the deal’s details has started.
During the session, Solana (SOL) crashed by 3.3 per cent to $68.68, Ripple (XRP) depreciated by 2.7 per cent to $1.13, Cardano (ADA) slid 2.4 per cent to $0.1606, Binance Coin (BNB) slumped 2.0 per cent to $576.11, Dogecoin (DOGE) slipped by 1.9 per cent to $0.0826, and Ethereum (ETH) went down by 1.7 per cent to $1,696.74.
However, TRON (TRX) improved by 0.1 per cent to $0.3204, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.